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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) and RE/MAX Holdings, Inc. (RMAX). Click either name above to swap in a different company.
Broadstone Net Lease, Inc. is the larger business by last-quarter revenue ($121.4M vs $71.1M, roughly 1.7× RE/MAX Holdings, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs 2.0%, a 36.2% gap on every dollar of revenue. On growth, Broadstone Net Lease, Inc. posted the faster year-over-year revenue change (11.7% vs -1.8%). Over the past eight quarters, Broadstone Net Lease, Inc.'s revenue compounded faster (7.1% CAGR vs -4.7%).
Broadstone Net Lease, Inc. is a real estate investment trust (REIT) that acquires, owns, and manages a diversified portfolio of single-tenant commercial real estate assets across the United States. Its portfolio covers key segments including industrial facilities, healthcare properties, retail locations, and office spaces, all leased to tenants under long-term net lease agreements.
RE/MAX is an international real estate franchise operating in over 100 countries and territories that, in 2015, had over 100,000 agents in 6,800 offices.
BNL vs RMAX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $121.4M | $71.1M |
| Net Profit | $46.4M | $1.4M |
| Gross Margin | — | — |
| Operating Margin | 52.2% | 13.1% |
| Net Margin | 38.2% | 2.0% |
| Revenue YoY | 11.7% | -1.8% |
| Net Profit YoY | — | -75.2% |
| EPS (diluted) | $0.24 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $121.4M | — | ||
| Q4 25 | $118.3M | $71.1M | ||
| Q3 25 | $114.2M | $73.2M | ||
| Q2 25 | $113.0M | $72.8M | ||
| Q1 25 | $108.7M | $74.5M | ||
| Q4 24 | $112.1M | $72.5M | ||
| Q3 24 | $108.4M | $78.5M | ||
| Q2 24 | $105.9M | $78.5M |
| Q1 26 | $46.4M | — | ||
| Q4 25 | $33.1M | $1.4M | ||
| Q3 25 | $26.5M | $4.0M | ||
| Q2 25 | $20.2M | $4.7M | ||
| Q1 25 | $16.7M | $-2.0M | ||
| Q4 24 | $26.4M | $5.8M | ||
| Q3 24 | $35.6M | $966.0K | ||
| Q2 24 | $35.3M | $3.7M |
| Q1 26 | 52.2% | — | ||
| Q4 25 | — | 13.1% | ||
| Q3 25 | — | 25.0% | ||
| Q2 25 | — | 19.3% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 5.9% | ||
| Q3 24 | — | 19.4% | ||
| Q2 24 | — | 20.6% |
| Q1 26 | 38.2% | — | ||
| Q4 25 | 28.0% | 2.0% | ||
| Q3 25 | 23.2% | 5.4% | ||
| Q2 25 | 17.8% | 6.4% | ||
| Q1 25 | 15.4% | -2.6% | ||
| Q4 24 | 23.5% | 8.0% | ||
| Q3 24 | 32.8% | 1.2% | ||
| Q2 24 | 33.4% | 4.7% |
| Q1 26 | $0.24 | — | ||
| Q4 25 | $0.17 | — | ||
| Q3 25 | $0.14 | — | ||
| Q2 25 | $0.10 | — | ||
| Q1 25 | $0.09 | — | ||
| Q4 24 | $0.13 | — | ||
| Q3 24 | $0.19 | — | ||
| Q2 24 | $0.19 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $20.3M | $118.7M |
| Total DebtLower is stronger | — | $432.2M |
| Stockholders' EquityBook value | $3.0B | $452.4M |
| Total Assets | $5.8B | $582.5M |
| Debt / EquityLower = less leverage | — | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $20.3M | — | ||
| Q4 25 | $30.5M | $118.7M | ||
| Q3 25 | $82.0M | $107.5M | ||
| Q2 25 | $20.8M | $94.3M | ||
| Q1 25 | $9.6M | $89.1M | ||
| Q4 24 | $14.8M | $96.6M | ||
| Q3 24 | $9.0M | $83.8M | ||
| Q2 24 | $18.3M | $66.1M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $432.2M | ||
| Q3 25 | $2.4B | $433.3M | ||
| Q2 25 | $2.1B | $434.4M | ||
| Q1 25 | $2.0B | $435.3M | ||
| Q4 24 | $1.9B | $436.2M | ||
| Q3 24 | $2.0B | $437.2M | ||
| Q2 24 | $1.9B | $438.1M |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $2.9B | $452.4M | ||
| Q3 25 | $2.9B | $448.1M | ||
| Q2 25 | $2.9B | $442.4M | ||
| Q1 25 | $2.9B | $433.5M | ||
| Q4 24 | $3.0B | $429.5M | ||
| Q3 24 | $3.0B | $423.1M | ||
| Q2 24 | $3.1B | $418.4M |
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.7B | $582.5M | ||
| Q3 25 | $5.5B | $582.2M | ||
| Q2 25 | $5.3B | $574.8M | ||
| Q1 25 | $5.2B | $571.4M | ||
| Q4 24 | $5.2B | $581.6M | ||
| Q3 24 | $5.3B | $578.6M | ||
| Q2 24 | $5.3B | $571.4M |
| Q1 26 | — | — | ||
| Q4 25 | 0.87× | 0.96× | ||
| Q3 25 | 0.82× | 0.97× | ||
| Q2 25 | 0.73× | 0.98× | ||
| Q1 25 | 0.68× | 1.00× | ||
| Q4 24 | 0.64× | 1.02× | ||
| Q3 24 | 0.65× | 1.03× | ||
| Q2 24 | 0.62× | 1.05× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $40.9M |
| Free Cash FlowOCF − Capex | — | $33.5M |
| FCF MarginFCF / Revenue | — | 47.1% |
| Capex IntensityCapex / Revenue | — | 10.4% |
| Cash ConversionOCF / Net Profit | — | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $299.5M | $40.9M | ||
| Q3 25 | $64.2M | $17.7M | ||
| Q2 25 | $79.3M | $4.6M | ||
| Q1 25 | $71.5M | $5.7M | ||
| Q4 24 | $276.3M | $59.7M | ||
| Q3 24 | $67.3M | $17.6M | ||
| Q2 24 | $74.2M | $15.9M |
| Q1 26 | — | — | ||
| Q4 25 | $269.8M | $33.5M | ||
| Q3 25 | $58.0M | $16.4M | ||
| Q2 25 | $76.7M | $2.9M | ||
| Q1 25 | $57.1M | $4.0M | ||
| Q4 24 | $259.5M | $53.0M | ||
| Q3 24 | $60.3M | $16.3M | ||
| Q2 24 | $74.0M | $14.0M |
| Q1 26 | — | — | ||
| Q4 25 | 228.1% | 47.1% | ||
| Q3 25 | 50.8% | 22.4% | ||
| Q2 25 | 67.9% | 4.0% | ||
| Q1 25 | 52.5% | 5.3% | ||
| Q4 24 | 231.4% | 73.2% | ||
| Q3 24 | 55.6% | 20.8% | ||
| Q2 24 | 69.9% | 17.8% |
| Q1 26 | — | — | ||
| Q4 25 | 25.1% | 10.4% | ||
| Q3 25 | 5.4% | 1.8% | ||
| Q2 25 | 2.3% | 2.2% | ||
| Q1 25 | 13.2% | 2.3% | ||
| Q4 24 | 15.0% | 9.1% | ||
| Q3 24 | 6.5% | 1.7% | ||
| Q2 24 | 0.2% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 9.04× | 28.39× | ||
| Q3 25 | 2.43× | 4.45× | ||
| Q2 25 | 3.93× | 0.97× | ||
| Q1 25 | 4.27× | — | ||
| Q4 24 | 10.47× | 10.28× | ||
| Q3 24 | 1.89× | 18.22× | ||
| Q2 24 | 2.10× | 4.29× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNL
Segment breakdown not available.
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
